Construction of new buildings has cooled considerably in Bancroft.
A report going to council shows the value of building permits in the first half of 2023 was about $3.7 million dollars. That’s down from nearly $13 million, recorded over the same span of 2022.
The report says the “the reduction of building permit applications and approvals will affect the annual budget.”
The report, signed by Bylaw Enforcement Officer Mark Pharand and Chief Building Official Don Wrigglesworth, says the decline was expected, in part due to higher interest rates and fewer commercial projects going on in the town.
It also says numbers are now more in line with the “pre-COVID” era.
The report shows that there were 28 building permits granted in the January to June period of 2023 (22 residential, one multi-residential and five commercial).
In the same time span of 2022, there were 51 total permits (39 residential, two multi-residential and ten commercial).
The report will be presented to council on Aug. 15 for information purposes.